KUALA LUMPUR (Feb 25): Petroliam Nasional Bhd (Petronas), the country’s state-owned oil and gas (O&G) company, posted a profit after tax (PAT) of RM55.1 billion in the financial year ended Dec 31, 2024 (FY2024), down 31.7% from RM80.7 billion a year earlier, due to lower average realised prices and favourable tax adjustments in 2023.

The unfavourable realisation of foreign currency translation reserve, upon divestment of the Engen Group, also impacted PAT, the group said in a statement on Tuesday.

Revenue slipped 6.9% year-on-year (y-o-y) to RM320 billion, compared with RM343.6 billion in FY2023, primarily driven by softer energy prices despite higher sales volumes.

“Petronas' financial performance in 2024 remained resilient against a backdrop of continued volatility in the markets and mounting regulatory pressures caused by global geopolitical shifts," said Petronas president and group chief executive officer Tan Sri Tengku Muhammad Taufik.

"The steady results were delivered on the back of the group's steadfast commitment to prudent financial management and portfolio diversification.”

The oil major’s capital expenditure stood at RM54.2 billion for FY2024, up from RM52.8 billion a year ago, mainly attributed to activities in Malaysia.

As at end-December 2024, the company’s total assets decreased to RM766.7 billion from RM773.3 billion at the end of the previous year, while shareholders’ equity expanded to RM451.2 billion from RM443.5 billion.

Looking ahead, the group highlighted ongoing investments in renewable energy, lower carbon projects and specialty chemicals plants as part of its broader strategy to position itself for the global energy transition.

In 2025, Petronas said it is strategically positioned to meet rising energy demands while ensuring supply security. The O&G giant aims to enhance its value proposition and global competitiveness through disciplined capital allocation, cost rationalisation, and a focus on operational and commercial excellence.

 Petronas added that it is also strengthening collaborations and exploring new partnership models to improve agility in responding to evolving market dynamics.

"The group is set to navigate the challenges by maximising the potential of its assets, prudent financial management as well as productivity and efficiency improvements in the group’s endeavour to remain a high-performing organisation.

"As Malaysia's national oil company, Petronas is dedicated to supporting the nation's energy security and economic growth, as demonstrated by the progress of the Kasawari Gas Field Development and Petronas Floating LNG 3, and the completion of Integrated Bekok Oil projects," it said.

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